Does the hybrid equity-debt structure of convertibles add real value or simply create unneeded complexity? Topics discussed include the economic basis for returns, market composition, valuations, convertibles’ role in policy portfolios, and benchmarking issues.
Will Brazil’s next president maintain the fiscal discipline and investor confidence necessary to avoid defaulting on its debt?
S&P Core and NIPA earnings address many of the shortcomings associated with reported (GAAP) and operating earnings.
Will Europe increase fiscal spending at the risk of undermining both the Stability and Growth Pact, as well as the EMU?
This short paper reviews asset class valuations and offers summary asset allocation recommendations.
This paper speculates that while some of the excess from the equity bubble years has been worked off, the secular bottom will probably not arrive until valuations improve and despair reaches levels proportional to the preceding bull market euphoria.
Springtime in Japan brought welcome signs of economic recovery, but these moments proved to be as fleeting as the bloom of cherry blossoms.
This paper speculates that while some of the excess from the equity bubble years has been worked off, the secular bottom will probably not arrive until valuations improve and despair reaches levels proportional to the preceding bull market euphoria.
While linkers may be inexpensive relative to nominal gilts, they are no bargain.
This report suggests preconditions to the selection of appropriate benchmarks and the flaws inherent even in careful selection. Discrete sections for public market investments, marketable alternatives, private equity, and real estate are included.